Financial Performance (Consolidated) - Q4FY26
- Revenue: ₹58.45 Crores, representing 55% quarter-on-quarter (QoQ) growth and 30% year-on-year (YoY) growth
- EBITDA: ₹1.33 Crores, showing 157% QoQ growth but (70%) YoY decline
- EBITDA Margins: 2.28%, improved by 844 basis points QoQ but declined (747 basis points) YoY
- Profit After Tax (PAT): Loss of ₹4.98 Crores, improved by 30% QoQ but declined (1,056%) YoY
- EPS: Negative ₹4.82, improved by 30% QoQ but declined (3,808%) YoY
Financial Performance (Consolidated) - Full Year FY26
- Revenue from Operations: ₹187.20 Crores (compared to ₹169.21 Crores in FY25)
- Total Income: ₹188.94 Crores (compared to ₹169.91 Crores in FY25)
- EBITDA (excluding Other Income): Negative ₹1.56 Crores (compared to positive ₹17.52 Crores in FY25)
- EBITDA Margins: Negative 0.83% (compared to 10.35% in FY25)
- Interest Cost: ₹17.14 Crores (compared to ₹9.12 Crores in FY25)
- Depreciation: ₹10.95 Crores (compared to ₹6.31 Crores in FY25)
- Profit Before Tax (excluding Exceptional Items): Negative ₹27.92 Crores (compared to positive ₹2.79 Crores in FY25)
- Profit After Tax: Negative ₹24.66 Crores (compared to positive ₹0.62 Crores in FY25)
- EPS: Negative ₹23.84 (compared to positive ₹0.22 in FY25)
Management Commentary
Sunil Mundra, Managing Director, provided the following operational updates:
- Q4FY26 was operationally strong with successful dispatch of goods deferred in prior quarter due to Puducherry plant shutdown
- The impact of these dispatches on standalone capsules business was approximately ₹36 Crores, coming at higher profitability as costs were absorbed in preceding quarter
- Incremental HPMC line for double-zero capsules is now ready, with revenue expected from second half of current financial year subject to US client approval
- FY27 expected to be stable for capsules business with focus on optimal capacity utilization and operational efficiency improvement
- Commercial API sales commenced in Q4FY26 with focus on gradual volume growth
Strategic Developments
- Subsidiary Natural Biogenex Private Limited executed definitive Framework and Contract Manufacturing Agreements with Fermbox Bio Private Limited
- Under collaboration, Fermbox Bio will provide advanced fermentation technology and equipment at Tumkur facility
- Natural Biogenex will undertake licensed manufacturing, quality assurance and regulatory compliance
- This arrangement expected to improve fermentation assets utilization, create additional revenue stream, and strengthen fermentation-based CDMO capabilities
Business Segments Overview
Capsules Business
- Second largest Indian manufacturer of gelatin capsules
- Pioneer of vegetarian capsules manufacturing in India
- 2 manufacturing facilities at Bengaluru and Pondicherry
- Installed capacity as of FY26: 20.25 billion capsules per annum (BCPA), enhanced from 19.50 BCPA with new HPMC line commissioned in FY26
- Exports to 28 countries across 5 continents, with 28.94% of revenue from exports in FY26
- 311 customers with 86% repeat business during FY25
API Business (through subsidiary Natural Biogenex Private Limited)
- Foraying into API manufacturing with complex high-end patented technology developed in-house
- Greenfield capex at Tumkur spread across 43 acres
- Products: Hydrocortisone, Prednisolone, Betamethasone, Dexamethasone and their derivatives
- Approved under PLI Scheme with following capacities: Dexamethasone (10 MT), Betamethasone (12 MT), Prednisolone (15 MT)
- Company expects to receive incentives of approximately ₹67 Crores over 6 years under PLI scheme
- Only manufacturer of Dexamethasone and Betamethasone in India; one of two manufacturers of Prednisolone in India
Research & Development
- Strong focus on R&D with 2 patents granted and 3 patents under filing
- Focus on manufacturing process improvements for enhancing yields
- Development of new processes in scaling up steroidal APIs
- Product innovations with new value-added molecules developed every 18 months
Corporate Structure
Board of Directors includes:
- Mr. Laxminarayan Mundra (Whole Time Director)
- Mr. Satyanarayana Mundra (Whole Time Director)
- Mr. Sushil Kumar Mundra (Director)
- Mr. Sunil Mundra (Managing Director)
- Mr. Pramod Kasat (Independent Director)
- Mr. T Y Prabhu (Chairman & Independent Director)
- Mr. S G Belapure (Independent Director)
- Mrs. Jyothi Mundra (Director)
Historical Financial Performance (Consolidated)
Profit & Loss Statement (₹ Crores)
| Particulars | FY22 | FY23 | FY24 | FY25 | FY26 |
| Revenue from Operations | 135.07 | 172.37 | 155.42 | 169.21 | 187.20 |
| Total Income | 136.08 | 172.94 | 157.36 | 169.91 | 188.94 |
| EBITDA (excl. Other Income) | 25.38 | 35.04 | 19.91 | 17.52 | (1.56) |
| EBITDA Margins | 18.79% | 20.33% | 12.81% | 10.35% | (0.83%) |
| Profit After Tax | 13.91 | 18.45 | 5.55 | 0.62 | (24.66) |
| EPS | 19.56 | 19.82 | 6.23 | 0.22 | (23.84) |
Balance Sheet (₹ Crores)
| Particulars | FY22 | FY23 | FY24 | FY25 | FY26 |
| Total Equity (Networth) | 82.98 | 148.25 | 228.80 | 257.16 | 234.72 |
| Total Assets | 164.28 | 288.71 | 376.53 | 419.35 | 424.16 |
Cash Flow Statement (₹ Crores)
| Particulars | FY22 | FY23 | FY24 | FY25 | FY26 |
| Cash Flow from Operating Activities | 1.16 | 17.22 | (8.35) | 26.75 | 10.92 |
| Cash Flow from Investing Activities | (45.88) | (104.63) | (72.59) | (44.48) | (10.77) |
| Cash Flow from Financing Activities | 46.02 | 87.49 | 81.72 | 16.17 | (0.62) |
| Cash and cash equivalents at year end | 1.40 | 1.48 | 2.25 | 0.69 | 0.22 |
Growth Drivers and Strategic Priorities
- Capacity enhancement with state-of-the-art machinery in capsules division
- Backward integration as only manufacturer of steroidal APIs in India
- Exploring opportunities for foreign/domestic capsules manufacturing facilities
- Benefiting from China Plus One strategy and government PLI incentives
- Focus on regulated markets and marquee pharma clients for capsules business
- Strong R&D focus for new products and processes development
- Regulatory approvals in place for API production scale-up